Kinnevik sells out of Germany's Rocket Internet

Rocket has helped create a buzzing tech scene in Berlin by launching dozens of businesses from fashion e-commerce to food delivery, but has seen its stock halve since it listed in 2014.

BERLIN/STOCKHOLM: Swedish investor Kinnevik has sold its remaining stake in German e-commerce company Rocket Internet for more than €200mil (RM956mil), capitalising on a recent rally in the stock fuelled by plans to list two of its startups. 

Founded in 2007, Rocket has helped create a buzzing tech scene in Berlin by launching dozens of businesses from fashion e-commerce to food delivery, but has seen its stock halve since it listed in 2014 as valuations fell for its loss-making start-ups and plans for flotations stalled.